92104 Distressed Market

[SD Realtor]

toots my read is that what few quality buyers there are that are left out there, are those that are looking for value, good school districts, somewhere they can either retire or raise a family. I think this will have the greatest impact on communities like the central area. I am not trying to be disparaging to the communities in 92104, 92116, etc… I am just saying that I think with an already thin pool of buyers, these places will really be hurting and should come down quicker then other areas that are discussed here alot.

SD Realtor

[Duranimal]

Although I’m sure there are other zip codes that are also considered distressed, I’m not being asked to put down at least 15% in the other neighborhoods I’m considering – just North Park.

[Duranimal]

Although I’m sure there are other zip codes that are also considered distressed, I’m not being asked to put down at least 15% in the other neighborhoods I’m considering – just North Park.

[Duranimal]

Although I’m sure there are other zip codes that are also considered distressed, I’m not being asked to put down at least 15% in the other neighborhoods I’m considering – just North Park.

[DCRogers]

Lots more inventory in one of the “better” parts of 92116 (north of Adams) but prices still out of line with reality. Sales sloooooow (but still happening).

But the real disasters in 92116 are all the condo conversions… the one at Suncrest should practically have its own page on Foreclosure.com, and all of the new south of Adams ones are well-represented, sometimes multiple units with the same owner. El Cajon = The Boulevard (of broken dreams).

The one ray of hope for these neighborhoods is that with a bit more of a drop, many homes will be priced within the GSE confirming loan limit for those with a down payment. (That’s what goes for hope these days!)

[DCRogers]

Lots more inventory in one of the “better” parts of 92116 (north of Adams) but prices still out of line with reality. Sales sloooooow (but still happening).

But the real disasters in 92116 are all the condo conversions… the one at Suncrest should practically have its own page on Foreclosure.com, and all of the new south of Adams ones are well-represented, sometimes multiple units with the same owner. El Cajon = The Boulevard (of broken dreams).

The one ray of hope for these neighborhoods is that with a bit more of a drop, many homes will be priced within the GSE confirming loan limit for those with a down payment. (That’s what goes for hope these days!)

[DCRogers]

Lots more inventory in one of the “better” parts of 92116 (north of Adams) but prices still out of line with reality. Sales sloooooow (but still happening).

But the real disasters in 92116 are all the condo conversions… the one at Suncrest should practically have its own page on Foreclosure.com, and all of the new south of Adams ones are well-represented, sometimes multiple units with the same owner. El Cajon = The Boulevard (of broken dreams).

The one ray of hope for these neighborhoods is that with a bit more of a drop, many homes will be priced within the GSE confirming loan limit for those with a down payment. (That’s what goes for hope these days!)

[DCRogers]

Forgot to mention, it’s a bit of a cruel twist of fate that the inaction of government caused the explosion of bad loans to any oxygen thief, and now their high down-payment requirement for “distressed neighborhoods” (yeah, those are just the places where people have the cash for large down payments) will all but guarantee a near-complete cutoff of loans.

Hardly a rational market stabilized to find the true market-clearing prices for these things…

[DCRogers]

Forgot to mention, it’s a bit of a cruel twist of fate that the inaction of government caused the explosion of bad loans to any oxygen thief, and now their high down-payment requirement for “distressed neighborhoods” (yeah, those are just the places where people have the cash for large down payments) will all but guarantee a near-complete cutoff of loans.

Hardly a rational market stabilized to find the true market-clearing prices for these things…

[DCRogers]

Forgot to mention, it’s a bit of a cruel twist of fate that the inaction of government caused the explosion of bad loans to any oxygen thief, and now their high down-payment requirement for “distressed neighborhoods” (yeah, those are just the places where people have the cash for large down payments) will all but guarantee a near-complete cutoff of loans.

Hardly a rational market stabilized to find the true market-clearing prices for these things…

[JerseyGrl]

Toots

I agree with you, SD. In this neck of 92104, there are few families with kids. Gays and older (still working) couples mostly, I think. There are no decent schools in the hood with the exception of St Agustine’s.

Believe it or not, the condo dwellers are the ones with kids. Owners or renters, who knows.

There are homes with asking pices over the 1 million mark here…….unless they overlook the golf course they don’t stand a chance of selling at that price. There was a house for sale across from Morley with an asking price over 1 million. It went in and out of excrow a couple times before it finally sold for something like 700K.

Over on Laurel/San Marcos/Burlingame some houses are still selling for close to 1 million, near Switzer Canyon.

A guy we know who’s lived here in 92104 his whole life swears houses here will never be worth less than 0.5 million dollars. Last year he tried to convince us to buy an 800 sq ft 80 year old house for 549K because it was such a good deal………………he’s dreaming.

[JerseyGrl]

Toots

I agree with you, SD. In this neck of 92104, there are few families with kids. Gays and older (still working) couples mostly, I think. There are no decent schools in the hood with the exception of St Agustine’s.

Believe it or not, the condo dwellers are the ones with kids. Owners or renters, who knows.

There are homes with asking pices over the 1 million mark here…….unless they overlook the golf course they don’t stand a chance of selling at that price. There was a house for sale across from Morley with an asking price over 1 million. It went in and out of excrow a couple times before it finally sold for something like 700K.

Over on Laurel/San Marcos/Burlingame some houses are still selling for close to 1 million, near Switzer Canyon.

A guy we know who’s lived here in 92104 his whole life swears houses here will never be worth less than 0.5 million dollars. Last year he tried to convince us to buy an 800 sq ft 80 year old house for 549K because it was such a good deal………………he’s dreaming.

[JerseyGrl]

Toots

I agree with you, SD. In this neck of 92104, there are few families with kids. Gays and older (still working) couples mostly, I think. There are no decent schools in the hood with the exception of St Agustine’s.

Believe it or not, the condo dwellers are the ones with kids. Owners or renters, who knows.

There are homes with asking pices over the 1 million mark here…….unless they overlook the golf course they don’t stand a chance of selling at that price. There was a house for sale across from Morley with an asking price over 1 million. It went in and out of excrow a couple times before it finally sold for something like 700K.

Over on Laurel/San Marcos/Burlingame some houses are still selling for close to 1 million, near Switzer Canyon.

A guy we know who’s lived here in 92104 his whole life swears houses here will never be worth less than 0.5 million dollars. Last year he tried to convince us to buy an 800 sq ft 80 year old house for 549K because it was such a good deal………………he’s dreaming.

[drunkle]

“Although I’m sure there are other zip codes that are also considered distressed, I’m not being asked to put down at least 15% in the other neighborhoods I’m considering – just North Park.”

i should have been more clear, i didn’t mean the lender had anything against you, rather, they didn’t like the house. ie., they don’t want to loan you the money to buy that house in north park. eg., they think the house is a high risk for depreciation. that is, the house will potentially lose some 15% value (at least), thereby necessitating the big dp. for example, if you bought the house with their money and got foreclosed on, they would be eating a loss if they didn’t have your dp. id est, they don’t want to buy the house. that is to say, they don’t want to loan you the money to buy the house since they’ll be on the hook for it. exempli gratia, you wouldn’t loan your 16 year old kid money to buy an 86 chevy camaro because of reliability, insurance and plain good sense, but that doesn’t mean you won’t help him buy a car at all. you know?

[drunkle]

“Although I’m sure there are other zip codes that are also considered distressed, I’m not being asked to put down at least 15% in the other neighborhoods I’m considering – just North Park.”

i should have been more clear, i didn’t mean the lender had anything against you, rather, they didn’t like the house. ie., they don’t want to loan you the money to buy that house in north park. eg., they think the house is a high risk for depreciation. that is, the house will potentially lose some 15% value (at least), thereby necessitating the big dp. for example, if you bought the house with their money and got foreclosed on, they would be eating a loss if they didn’t have your dp. id est, they don’t want to buy the house. that is to say, they don’t want to loan you the money to buy the house since they’ll be on the hook for it. exempli gratia, you wouldn’t loan your 16 year old kid money to buy an 86 chevy camaro because of reliability, insurance and plain good sense, but that doesn’t mean you won’t help him buy a car at all. you know?

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